Mortgage Refinancing

Is Refinancing Right For You?

Refinancing your current mortgage balance can possibly save you money by either reducing your interest rate or shortening your loan term. At Bank of Hawaii, a mortgage loan officer can help you compare loan programs that best suit your financial needs. Your home is one of your most valuable assets so if you have built up equity in your home over the years, it can be a financial reserve that you might be able to tap into if the need arises.

Many of our mortgage refinance customers find that using their home equity wisely for key purposes such as home improvement, college education or debt consolidation may make their payments more manageable since the loan’s repayment is over a number of years. This may provide financial security by leaving their cash reserves in money market or retirement accounts untouched.

Deciding whether to refinance often relates to current interest rates which fluctuates as the financial markets react to national and global economic and social news. The interest rate is not the only factor to consider when deciding whether to refinance your loan. Personal needs change over time and when there is a significant adjustment to one’s life situation, mortgage refinancing may be a course of action to consider.

As the #1 Residential Lender in the State*, the Bank of Hawaii residential team is experienced in dealing with a variety of situations. We aim to help our customers improve their financial status and reach their future goals.

*#1 Residential Lender ranking is for total number of residential loans and total dollars made by a lender in the State of Hawaii in 2013. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data recorded information for 2013. Information is deemed reliable but not guaranteed.